Assistance in project implementation (bank guarantees, letters of intent proving sufficient funds to finance the project)

What is a guarantee and a letter of intent?
 
Guarantee is a performance bond securing the claims of a beneficiary if a debtor defaults on his obligation referred to by the guarantee.
Letter of Intent expresses an intention of carrying out a contractual obligation under the agreed terms.


Why do you need guarantees, letters of intent and certificates of the account balance when implementing EU projects?
 
A guarantee or a binding letter of intent issued by a commercial bank is required as evidence that an  entrepreneur secured the financial resources necessary for a successful project implementation.
Instead of the above, it is allowed to attach an already concluded Loan Agreement or a Bank Certificate of the applicant's account balance which will prove  that the applicant has sufficient funds for the underlying investment.

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E-mail: eudesk@pbz.hr

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